I have never understood the concept of Bitcoin, how it is valued, or what attracts people to it, since it seems to be based on nothing.
how it is valued, or what attracts people to it, since it seems to be based on nothing.
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I would imagine it is basically the same theory of playing poker for chips and not ‘USD’.
With the people keeping their chips and using them as money in their own little group.
Which works fine as long as everyone agrees that chips are the ‘official currency’ for that group or even area.
The only ‘problem’ arises when you run into people who recognize US backed $s (Is that an oxymoron yet) and figure the chips are worthless.
Or something like that.
(as they used to say...sure they are ‘rich’ but if you can’t get the oil/gold out of the ground it is worthless AND if no one else wants it, it is double worthless since you had to pay to extract it)